Real Madrid has overtaken Manchester United and been named most valuable European football club, being worth about €3.22bn says KPMG, the BBC reports.
The Spanish club tops KPMG's study of top sides' "enterprise value".
The report, based on the 2016-17 and 2017-18 seasons, studied profitability, broadcasting rights, popularity, sporting potential and stadium value.
Manchester united comes second with €3.207bn, followed by Bayern Munich - (€2.696bn) and Barcelona (€2.676bn), Manchester City is placed fifth with €2.460bn
Champions League finalists Liverpool and Tottenham Hotspur are in seventh and ninth places in the rankings.
And Europa League finalists Chelsea and Arsenal are in sixth and eighth spots.
Juventus closes the top ten with €1.548bn.